In a major revelation, the notorious North Korean hacker group, Lazarus, is suspected of laundering over $35 million from the infamous hack of Japanese cryptocurrency exchange DMM Bitcoin.

What Happened: According to on-chain detective ZachXBT, the hackers behind the $305 million exploit allegedly laundered funds through a Cambodian online marketplace, Huione Guarantee, reportedly linked to Cambodia's ruling Hun family.

"It is suspected that Lazarus Group is behind the hack due to similarities in laundering techniques and off-chain indicators," ZachXBT stated.

Citing a report by blockchain analytics firm Elliptic, the cryptocurrency sleuth said that Huione has become the preferred money laundering service provider for criminal groups in Southeast Asia, clocking an estimated $11 billion in transaction volume.

Why It Matters: Japan-based DMM Bitcoin lost $305 million in Bitcoin (CRYPTO: BTC) after a critical vulnerability was exploited in May. The cryptocurrency exchange raised $320 million about a week later to compensate users for the losses.

This is not the first time the Lazarus Group has been linked to large-scale cryptocurrency theft. The notorious gang, alleged to be run by the government of North Korea, laundered $13 million worth of Ethereum (CRYPTO: ETH) through a cryptocurrency mixer, Tornado Cash, earlier in March, despite U.S. sanctions.

According to a report, the group reportedly stole over $1 billion in cryptocurrency assets in 2023, targeting a record 20 platforms.

• Prominent Crypto Analyst Says Ethereum 'Will Reach A New All-time High Faster Than The Rest,' Says It Has 'Tremendously Low Valuation'

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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